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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


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BFCSA: MFAA Mortgage Fed of Australia & CHOICE go head to head on Liar Loans akin to GFC from RAMS. Yes Folks we have seen plenty of these!

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We need an urgent ROYAL COMMISSION INTO BANKING.  BFCSA Member files have over-represented presence of RAMS dirty loans - dating back to RHG and more recent WESTPAC.  The evidence is there.  We have presented compelling EVIDENCE to Parliament twice...hand delivered to ASIC......hand delivered proof to FOS.....hand delivered proof to Senators.  WE have posted dodgy loan apps on our website, also service calculators and over 200 emails between banks and brokers.  LENDERS HAVE BEEN rubber stamping APPROVALS for over 15 years whilst ASIC SNOOZED.  Fraudulent incomes, forged paperwork, over the top Loan to Value Ratio's - ie dodgy valuations - akin to American Sub Prime.  Our sub prime crisis indeed.  Why has our sub prime crisis taken so long to crack and unravel the truth?  Just ask the MFAA....they protect their members who are predominantly LENDERS (in terms of heavyweight and long lunches).  Why any broker would belong to the Lender interested MFAA, I have no idea.  The cover-up of these criminal activities have been going on for far too long.  My 20 years experience in criminology and white collar crime, tells me that one.   This email address is being protected from spambots. You need JavaScript enabled to view it.

NOW READ WHAT THE MFAA argue and what CHOICE is saying..........................................who is telling the truth?  Australian GFC around the corner?  How many unaffordable loans to low income families?  Who created the structure?  How dare these banks do this to innocent vulnerable people...........................


MFAA responds to Network Ten's 'loose loans' story


Published 14 May 2014

The MFAA has responded to the Channel Ten News story indicating that loan providers/brokers were offering loans to consumers at 120 per cent of the value of a property.

The story, driven by information provided by consumer group 'Choice', compared these "high risk lending packages" with those seen during the Global Financial Crisis (GFC), portraying them as triggers for the previous credit crisis.

The MFAA feels Choice has sensationalised a story out of these loans, only highlighting Parental Guaranteed loan products offered by lenders such as RAMS, who are referenced in the segment.

Choice has offered no statistics or evidence to present this as any form of industry trend.

MFAA President, Tim Brown, was asked to respond and featured, defending the industry with a clear message of responsible lending practices and ethics in home lending.

The story can be viewed here.


Email me if you have a similar story re LOOSE LIAR LOW DOC LOANS?   Lots of pensioners caught in this one....................high profile relatives are caught.............    Ask the lender for your copy of the 11 page LOAN APPLICATION FORM  that you ought to have received at signing but no-one in Australia was given a copy on instruction from Major Lender Cartel....all used same model....................Let the Games Begin!!!  

We support those revealing the truth of these crimes, not those bent on covering-up and those now leaving their post!!!   This email address is being protected from spambots. You need JavaScript enabled to view it.


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  • doyla66
    doyla66 Wednesday, 28 May 2014


    Laughable to see where RAMS try to justify themselves by saying "they have extremely robust lending practices" . Prepared to exaggerate they certainly do, and they are also willing to falsify employment and financials of borrowers (without their knowledge and this is altered after signatures are obtained) just to con borrowers and grant them loans. It would be far better for these low life's to say sorry we cannot give you a loan but then again it's their business, their corrupt fraudulent ways and ultimately they will claim your family home and every cent you have ever earned over a lifetime. Rotten to the core and I know some of the senators realise this to be true.

  • doyla66
    doyla66 Sunday, 01 June 2014

    It's in the same league as the old favourite "in good faith" which is trotted out every time a Banker or their staff (reading off an idiot sheet) or legal team want to sound law abiding and serious. What a joke!
    Can someone explain how the Big 4 Banks seem to have "lower standard" lending products through their other companies? Isn't there a law about the minimum standard for lending? Many BFCSA members have been trapped into nightmare unaffordable mortgages with these second rate lenders, unaware that there were different standards in lending.
    In the latest one I've seen, CBA appear to have turned a blind eye as their acquired Bank West staff peddled substandard mortgages with seriously lax lending practices, trading on the notion that Bank West was a Bank and owned by the CBA, which should have inspired borrowers with confidence. It seems everyone thought it would be someone elses fault if it went pear shaped sometime later - which many did! If CBA had any sense they'd save themselves the headache and either refinance these horror loans or write them off. NAB and Westpac had similar separate branding for lax lending.
    Little wonder that we keep saying: Dr Laker, do you actually know what is being offered by Australian Banks?
    Or for non-ADI lenders, does ASIC have any idea what rubbish is being pushed on decent Australians as home loans?
    Sounds like the new system, of less supervision in the Financial Services Sector, is reliant on consumers complaining ie. we're the guinea pigs and the new supervisors. Negligent? - yes, very. Especially when so many victims of each wave of ARIP marketing are elderly, vulnerable and badly affected by the shock and stress of a home loan gone bad plus the rough treatment by lending credit staff and even FOS staff. Not good enough, Government, not by a long shot. Expect law suits in due course to teach Government to ditch their airy-fairy economic theories in the interests of the majority of Australians who want and need better supervision and classification of Financial Services products. A big lesson in commonsense coming soon, we sincerely hope.

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